Homebuyers may find some good news. The number of active listings at the end of June, 6,358, reached the highest level since November when buyers could choose from 6,505 properties. The volume of new listings added last month was the highest number in 17 months (13,111 last month versus 14,689 at the end of November 2019). Homebuyers will be happy to hear that between May and June the number of listings in King, Pierce, and Snohomish counties rose, giving them more homes to choose from and possibly easing the pressure just a little. For the tri-county area, total active listings of single-family homes and condominiums increased 14.5% from May. System-wide, the report covering all 26 counties shows month-to month inventory improved 14.9%.

The slight increase in new listings is good news for buyers, but low inventory and high demand coupled with low interest rates continue to drive up the market. Kittitas County is no exception to brisk sales. Many homes in that county are selling within one or two weeks. Kitsap County is described as another “heated market” but brokers there are growing inventory very slowly, resulting in more selection for buyers. Brokers added 621 new listings to that county’s inventory, improving on May’s volume by more than 13%. That number also marked the first time since May 2019 that the number of new listings in Kitsap County topped 600. 

Other industry analysts suggested the uptick in inventory might be short-lived, citing vigorous activity as Washington state lifts several strict coronavirus restrictions. The latest report shows a year-over-year (YOY) drop in active listings of more than 34%, with only about two weeks (0.58 months) of supply available areawide. Last month marked the first time since July 2020 that the year-over-year decline fell below 40%.    Only 10 of the 26 counties in the report have more than one month of supply. Of these, only one (Ferry) has more than two months of supply. Snohomish County’s inventory declined more than 44% from a year ago, leaving it with only about 10 days of inventory (0.35 months of supply), the lowest of all the counties.

While pending sales saw a significant drop over this time last year, rather than that being an indication of a flattening of the market, this is a result of extreme heat events, a typical summer slowdown as schools let out and people starting vacations, and, this year, the reopening of the country and discontinuation of COVID-19 restrictions.

Pending sales rose about 3.5% compared with a year ago (from 11,916 to 12,328) but fell slightly from May when mutually accepted offers outgained the number of listings added during the month. 

The local real estate market is virtually sold out in the more affordable and mid-price ranges, even into the luxury market in some areas. This places extra focus on each new resale listing as it comes onto the market.